Original-Research: Aroundtown SA (von First Berlin Equity Research GmbH): Kaufen
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Original-Research: Aroundtown SA - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to Aroundtown SA
First Berlin Equity Research hat ein Research Update zu Aroundtown SA (ISIN: LU1673108939) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und senkt das Kursziel von EUR 4,40 auf EUR 4,10. Zusammenfassung: Die Q3-Ergebnisse entsprachen weitgehend unseren Prognosen und versetzen den Vermieter in eine gute Position, um unsere Gesamtjahresziele zu erreichen, die sich am Mittelwert der Prognose für 2025 orientieren, wonach ein FFO 1 von €280 Mio. bis €310 Mio. (FBe: €300 Mio.) angestrebt wird. AT verzeichnete im September ein Mietwachstum von 3,1%, das vor allem durch die starke Performance in den Segmenten Hotel und Wohnimmobilien getrieben wurde. Das Bürosegment bleibt stabil, wird jedoch weiterhin durch die nach wie vor schwache Konjunktur in Deutschland belastet. Das Management arbeitet jedoch daran, diese Anlageklasse durch die Umwandlung von Büroflächen in Serviced-Apartments und Rechenzentren widerstandsfähiger gegen künftige wirtschaftliche Turbulenzen zu machen. Unser Kursziel liegt nun bei €4,10 (vorher: €4,40), nachdem wir unsere Schätzungen an die jüngsten operativen Entwicklungen und Finanzierungsmaßnahmen angepasst haben. Wir behalten unsere Kaufempfehlung für Aroundtown bei (Aufwärtspotenzial: 42%). First Berlin Equity Research has published a research update on Aroundtown SA (ISIN: LU1673108939). Analyst Ellis Acklin reiterated his BUY rating and decreased the price target from EUR 4.40 to EUR 4.10. Abstract: Q3 results were largely in line with our forecasts and have the landlord well positioned to hit our full-year targets aligned with the mid-point of 2025 guidance, which calls for FFO 1 of €280m to €310m (FBe: €300m). AT recorded 3.1% rental growth for the September period, spurred chiefly by strong performance in the Hotel and Resi segments. Office is holding steady but continues to be burdened by still sluggish German economic activity. However, management are working to make the asset class more resilient to future economic headwinds with conversion of office space into serviced flats and data centres. Our TP is now €4.1 (old: €4.4) after adjusting our estimates for the latest operational developments and financing measures. We remain Buy-rated on Aroundtown (Upside: 42%). Bezüglich der Pflichtangaben gem. §34b WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: AT1_GR-2025-12-02_EN Contact for questions: First Berlin Equity Research GmbH Herr Gaurav Tiwari Tel.: +49 (0)30 809 39 686 web: www.firstberlin.com E-Mail: g.tiwari@firstberlin.com
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2238794 02.12.2025 CET/CEST
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
| The most important financial data at a glance | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025e | ||
| Sales1 | 894,80 | 1.180,30 | 1.323,20 | 1.609,90 | 1.602,80 | 1.542,30 | 0,00 | |
| EBITDA1,2 | 772,70 | 944,10 | 974,90 | 1.002,30 | -2.449,70 | 778,30 | 0,00 | |
| EBITDA-Margin3 | 86,35 | 79,99 | 73,68 | 62,26 | -152,84 | 50,46 | 0,00 | |
| EBIT1,4 | 2.155,80 | 1.651,70 | 1.736,70 | 361,10 | -2.467,60 | 758,50 | 0,00 | |
| EBIT-Margin5 | 240,93 | 139,94 | 131,25 | 22,43 | -153,96 | 49,18 | 0,00 | |
| Net Profit (Loss)1 | 1.709,10 | 906,40 | 1.078,10 | -457,10 | -2.426,40 | 309,30 | 0,00 | |
| Net-Margin6 | 191,00 | 76,79 | 81,48 | -28,39 | -151,39 | 20,05 | 0,00 | |
| Cashflow1,7 | 613,60 | 615,80 | 625,80 | 788,00 | 772,10 | 820,50 | 0,00 | |
| Earnings per share8 | 1,11 | 0,49 | 0,53 | -0,58 | -1,82 | 0,05 | 0,19 | |
| Dividend per share8 | 0,14 | 0,22 | 0,23 | 0,00 | 0,00 | 0,00 | 0,11 | |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: KPMG
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| INVESTOR-INFORMATION | ||||||
| ©boersengefluester.de | ||||||
| Aroundtown | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A2DW8Z | LU1673108939 | SA | 4.199,15 Mio € | 03.06.2015 | Halten | 8FX8J49G+J6 |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 11,88 | 8,35 | 1,42 | 7,42 | 0,55 | 5,12 | 2,72 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 0,00 | 0,00 | 0,11 | 4,03% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 24.06.2025 | 27.05.2026 | 26.08.2026 | 26.11.2025 | 25.03.2026 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -13,69% | -7,67% | -4,71% | -14,06% | -26,56% |
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